Donna
Churchill fell short
My clients were purchasing their fist home. They selected Churchill based on the Good Faith estimate Churchill provided. The loan contingency was removed and the CD was sent and signed by my clients. However, once loan docs were provided to sign, the figures were completely different. After researching, it was determined the CD Churchill provided was incorrect and was based on the current tax roll rather than the projected taxes in California. This error put my clients transaction and earnest money at risk and the transaction began to spiral downward. Of course, we all understand that errors happen, but the most disappointing fact was how Churchill responded. They failed to rectify the error. The interest rate was dropped by .25%, but the market provided that, not Churchill. They wouldn't credit any lender fees or the appraisal fee to help close the $500/month gap from the erroneous CD to the accurate CD. I spoke with the manager, which resulted in no action. The loan officer and manager basically blamed it on California (they were based in Tennessee). They were licensed in California, yet it seemed they were not up to speed on California law. At a time when my clients should have been excited and happy, they were frustrated and disappointed. As an agent, I will be very hesitant to accept any offers which are using Churchill as their lender.




